Torres Jewellery Mumbai Scam Alerts: Police have registered a case and named the holding firm Platinum Hern Private Limited, its two directors, CEO, general manager, and a store in-charge as accused.
Thousands of investors have been left in the lurch after a multi-store jewelry chain in Mumbai allegedly defrauded them through a highly profitable pyramid scheme.
Torres Company has accused its CEO and other employees of fraudulent tactics to dupe customers and also robbed and vandalized stores in the chain.
The scam came to light when a vegetable vendor from Nariman Point filed a complaint, leading to a crowd of investors gathering outside the Torres Jewellery office in Dadar, demanding their money back. The company’s CEO and other top executives have been booked by the police for allegedly running a fraudulent scheme.
Torres Jewellery had initially disbursed returns, building investor trust, but stopped payments in December 2024. The company has blamed its CEO and a Chartered Accountant for orchestrating a burglary at one of its stores, claiming it was part of a broader conspiracy.
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Torres Jewellery: Latest News and Updates from Dadar, Mumbai
Company Insights, Limited Offers, and Scam Alerts
The renowned Torres Jewellery, a Mumbai-based chain with its flagship branch in Dadar, has come under scrutiny after being accused of running a fraudulent investment scheme. Here’s a comprehensive look at the ongoing developments, insights into the company, and tips to stay alert.
1. The Scam Unveiled
- Torres Jewellery allegedly operated a Ponzi-like scheme, luring investors with promises of high returns and attractive bonus offers.
- Reports suggest that thousands of individuals, including middle-class investors and small business owners, were duped.
2. The Investment Scheme
- The company offered 11% interest returns on investments, branding it as a limited-time offer.
- Investors were promised lucrative bonuses, including discounts on jewellery purchases, which fueled trust and participation.
3. Victims Speak Out
- A large number of investors have claimed they lost significant savings, with some cases reportedly amounting to lakhs of rupees.
- A vegetable vendor’s complaint about unpaid returns is said to have brought the Rs. 13.5 crore scam to light.
4. Legal Action Against Torres Jewellery
- Authorities have registered multiple FIRs against the company’s top executives, including the CEO.
- The Mumbai Police is investigating the case, freezing company accounts and seizing documents to trace the missing funds.
5. Torres Jewellery’s Response
- The company has publicly denied direct involvement, blaming specific executives for mismanagement.
- However, affected investors continue to demand clarity and justice.
6. How Did the Scheme Operate?
- The chain built its credibility through its well-known jewellery business and wide customer base.
- By combining limited-time offers with the promise of high returns, Torres Jewellery drew investors across Mumbai and beyond.
7. Protests Outside Dadar Branch
- Crowds of angry investors have gathered outside the Torres Jewellery office in Dadar, demanding their money back.
- The situation has caused significant disruptions in the area, drawing media attention.
8. Warning Signs for Investors
- The promise of unusually high returns and limited-time offers were key red flags.
- Experts advise caution when investing in schemes that seem “too good to be true.”
9. Lessons for Future Investments
- Always verify the credibility of schemes with financial advisors.
- Avoid investing without clear documentation and legal backing.
10. What’s Next?
- Authorities are intensifying their investigation, aiming to recover investor money and hold the perpetrators accountable.
- Affected individuals are urged to come forward and file official complaints to strengthen the case against the company.
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